When was the last time you switched your energy supplier? Many of us will stay with one energy supplier despite the opportunities available to save money by switching supplier.
One new way of switching is by grouping together with other people wanting to switch. When many people group together they hold a greater bargaining power than they would individually, which means that together they can get energy companies to compete to offer their best prices. This is known as 'collective energy switching' or simply 'collective switching'.
The Big London Energy Switch
Merton residents have an opportunity to get a better deal on gas and electricity bills as part of The Big London Energy Switch.
The Big London Energy Switch is a collective energy switching auction that aims to help you lower your energy bills. The more people that register for The Big London Energy Switch, the greater the buying power and the lower the price that may be offered.
A new round of the scheme was launched in August 2019.
How much you could save?
Savings depend on how much energy you use and the price of your current tariff.
Almost 2,000 Merton residents have signed up since the scheme began, collective saving over £50,000. Average savings for Merton residents have been around £200 per year.
There is no guarantee that the switch will save you money. Consumers who have recently switched energy providers may be on the best-value tariff already.
Who can take part in The Big London Energy Switch?
Anyone who pays a household energy bill can take part, including tenants. Those who are more than £500 in debt to an energy supplier are not allowed to switch their energy companies.
How the scheme works
Once registration has closed, all the energy companies are invited to offer their best prices to all those who have registered. The winning energy company simply offers the lowest price.
Each resident then receives a personalised offer showing how much you could save. You can choose to accept or decline the offer – there's no obligation.